(2) A subtraction from federal taxable income is allowed for a charitable contribution of an art object, if the art object has not been previously sold or otherwise transferred by its creator and the creator makes a charitable contribution of the art object that qualifies for the deduction allowed by section 170 of the Internal Revenue Code for the tax year.
(3) The subtraction under this section shall equal any positive amount obtained by subtracting the amount otherwise deductible on the Oregon tax return of the taxpayer-creator for the tax year as charitable contributions from the amount that would have been deductible by the taxpayer-creator if the deduction for charitable contributions had been computed without reduction in amount under section 170 (e) of the Internal Revenue Code for the art object charitably contributed by its creator.
(4) The taxpayer-creator is not allowed a subtraction under this section unless the taxpayer-creator obtains an appraisal report showing the fair market value of the art object at the time the contribution was made. [Formerly 316.064; 1989 c.938 §1; 2021 c.36 §1]